Even in this so-called digital age where state-of-the-art document security solutions exist, the importance of backing up files has not diminished. In fact, now more than ever, there is a need to have second copies of valuable documents.
If your company still does not have a backup strategy, you need to have one ASAP. Below we list down some of the compelling reasons why you shouldn’t delay creating duplicates of valuable data.
Avoid Data Loss
Data loss has dire consequences, especially in the corporate world. It can cripple your business, causing it to incur financial losses. Worse, it can lead to its closure.
According to a 2007 study from the University of Texas, 43% of businesses that suffer major data loss do not reopen. Meanwhile, over 50% close down within two years.
Clearly, data loss can be catastrophic for your business. Hence, it is imperative that you have backups of all pertinent company documents. This is a task you cannot forego even if you have the most advanced IT equipment and solutions. The truth is that organisations with hi-tech IT infrastructure and robust security systems still suffer data loss.
Keep in mind, even the best computers, hard drives and laptops are not spared from wear and tear. Eventually, their performance deteriorates which may eventually lead to you losing valuable data.
A survey by Kroll Ontrack showed that 67% of respondents said that they lost data because of their HDD crashed.
Another very common cause is an accident. Mistaken deletion and system corruption fall under this category. These are said to be responsible for over 29% of data loss cases, according to the World Backup Day website.
Data loss may also happen because of online threats like viruses and malware. Over the years, cyberattacks have steadily grown.
A popular threat that has wreak havoc in a number of organisations is a malware called Ransomware. It is named as such because victims need to pay a ransom for their files to be decrypted.
The inaccessibility of documents may result in work stoppage in your office. This is a scenario that no business owner or manager wants.
As they say in the corporate sphere, time is money. The longer the downtime is, the more money you lose.
Meanwhile, in times of disasters, the ability of your business to resume operation quickly is critical to its survival. However, this can be impossible to do if vital data isn’t backed up. Instead of being the first to open its doors, your business might end up being the last and this can be very problematic.
The National Archives & Records Administration in Washington reported that 93% of companies that experience data outage for 10 days or more filed for bankruptcy within a year of the outage.
When pertinent business files are lost, you’d have to allot time to recreate or replace them. Depending on the type and amount of data involved, the process may take hours, months or even years to be completed.
Aside from being time-consuming, it can be a laborious task. For example, rebuilding your client database isn’t just an encoding task. Research must be done first to acquire the needed details.
Basically, when your files have backups, your employees can focus on doing work that generates profits. They do not have to spend time recovering lost data.
In summary, data loss can happen for various reasons. It can also affect all types of organisations, whether it is big or small.
Losing pertinent files has serious financial repercussions. Data loss can be very expensive, especially for heavily regulated industries like finance and healthcare.
To prevent data loss from jeopardising the future of your company, you need to have an excellent business continuity plan (BCP). This should include following the best practices to back up critical files.
Nowadays, there are several data backup and disaster recovery solutions available in the market. All you have to do is to contact a trusted provider to identify your needs and determine what solutions best suit your company.
Need help creating a backup or disaster recovery plan for your company? We offer solutions which can help you avoid losing valuable data. Call us on 1890 987 900 today!
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